Pull it Together Man!
Posted on June 23rd, 2010 by DarcyIs this house-hunting thing making you feel a little unraveled? With all the homes on the market, people telling you to “buy now” and the overwhelming amounts of information about programs — who can blame you for not keeping it together! Okay, so maybe do have this process all figured out. I commend you for doing some homework and getting educated.
Let’s start with what you need to do BEFORE you start househunting — get pre-approved with a reputable and reliable lender. A pre-approval means you’ve completed an application with a lender, had credit pulled, provided supporting documentation and your loan has been through an automated underwriting system and/or been seen by an underwriter. If these things DON’T happen, you’re NOT pre-approved. There are many things that the lender looks at when determining your qualifications.
In order to determine the accuracy of your application, we must gather supporting documentation — hence, having you “pull it 
together”. The list applies to anyone on the loan application and not all items on this list will pertain to everyone.
-most recent TWO paystubs
-last TWO years W2s*
-last TWO years federal taxes, all schedules*
-most recent month bank statement, showing beginning and ending balance, all pages
-most recent quarterly statement for any accounts not monthly, i.e. retirement, stocks or bonds, all pages
-any court papers such as decrees or bankruptcy documentation
*If you intend on using a first time buyer program, you will need the last THREE years W2s and federal taxes. This proves to us and the first time buyer powers-that-be that you have not owned a home in the last 3 years which is the criteria to be considered a first time buyer.
I know what you’re thinking … along the way I may ask for more, including your first born, right? People have stories and some are quite good. My goal is to get everything I need upfront so there aren’t last minute dashes to find other paperwork. Also, if other things enter your situation for buying, we need to address them with … more paperwork, i.e. a gift from family or document a large deposit into your account. If you want to avoid some of the pitfalls that can cause havoc in your loan process, check out this great article written by my manager. She makes a very boring thing, like what not to do while in the process, very funny.
Moral of this story — pull it together to support your application information. If other documentation is requested, please provide that in a timely manner. The sooner we have your paperwork, the better. And before I forget, I am NOT perfect. I make mistakes and sometimes miss things. So forgive me if I ask for something you gave/emailed me. I have so many conversations in a day and receive my share of emails. I try to keep it all straight, but sometimes, it’s just better to ask again. No double guessing. The past few months have been fun as I am working with three ladies that all have the same first name! Mama Mia! So, forgive me now. And most importantly, just know that you WILL be given the best service and communication around.
Tags: finance closing costs, first time home buyer, loan qualifying, pre-approval
I love it. Yes, you are human, but you do such a great job that the missed paperwork or “need one more thing” is very limited with anyone who works with you! One other thing I will add is to work with a good agent who won’t try to force you into a home you’re 1- not ready for or 2- is at the maxed out capacity of your ability to buy. Be smart and follow financial advice from those in financing- just like you, Darcy.